Hungarian oil and gas group MOL, aiming to become the market leader in Central Europe
Published:
14 November 2003 y., Friday
Hungarian oil and gas group MOL, aiming to become the market leader in Central Europe, took control of two board seats at Croatia's INA yesterday and said it wanted to make INA a major player in the Balkans.
MOL this week paid $505 million for 25 per cent in Croatia's largest state utility, completing a sell-off tender that started in spring 2002.
In July, MOL outbid its regional rival, OMV of Austria, which offered $420 million.
INA has drilling, refining and retail segments and plans to invest $1.5 billion in the next four years, mostly in oil exploration and an upgrade of its two dated refineries.
MOL Chief Executive Zsolt Hernadi said the company had proposed to invest another $500 million "into retail and environment protection. INA needs a stronger and faster programme, and it's now up to the board to approve it".
The two MOL members on INA's seven-member management board are in charge of financial management and corporate services and can veto any strategic decision related to changes in budget, business plan, issue of shares or debt notes or sale of valuable assets.
MOL, which also owns Slovakia's Slovnaft, said the three companies now have a joint refining capacity of 450,000 bpd.
Šaltinis:
gulf-news.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
On 31 August 2009 in a non-public way AB Bank SNORAS issued the emission of perpetual debt securities included into the bank capital amounting to LTL 72.5 million.
more »
The European Commission, through its longstanding cooperation with the US and Canada, announces the launch of 33 new and innovative projects involving universities and training institutions on both sides of the Atlantic.
more »
Today at the VII World Congress on Alternatives and Animal Use in the Life Sciences in Rome, the European Commission and the European cosmetic industry presented their joint financial effort for research into alternative safety testing methods.
more »
SEB Bank, the largest bank in Lithuania, invests almost LTL 4.6 million in to the upgrade of its data transmission network.
more »
The World Bank’s Board of Executive Directors today approved a credit of US$ 36.6 million equivalent of additional financing for the Lifeline Road Improvement Project for Armenia.
more »
The Executive Board of the International Monetary Fund (IMF) today completed the first review of Latvia's performance under an economic program supported by a 27-month Stand-By Arrangement.
more »
The Commission has today decided to close the formal investigation procedure into the privatisation and restructuring of Austrian Airlines concluding that the restructuring following its sale to Lufthansa is compatible with community law.
more »
Ben Bernanke's reappointment as head of the Federal Reserve did not come as a surprise, but Wall Street still responded with the proverbial thumbs up.
more »
Over I half-year 2009 accommodation establishments had by 22 per cent less guests.
more »
In the first such transaction in Russia, carbon credits generated by utilising gas which would otherwise be flared at an oilfield in eastern Siberia are to be purchased through a carbon fund set up by the EBRD and the European Investment Bank (EIB), the Multilateral Carbon Credit Fund (MCCF).
more »